Gone are the days of typewriters and fax machines, where executive decisions were only as fast as the technology was. The digital age is here to stay, with business dollars chasing technological advancements rather than the other way around.
Digitization, digitization and digital transformation – though often used synonymously – reflect three different stages of the digital journey. Where digitization refers to converting information from analog to digital, digitalization is a process whereby an industry has become saturated with technology. Digital transformation, finally, refers to the total and overall societal effect of digitalization.
“Going paperless”, as such, is only the beginning of the journey. Though family offices have not been typically at the vanguard of technological innovation, a growing number are fast adopting digital processes and methodologies. The benefits of this cannot be understated as they are able to use technological solutions to inform and manage investment decisions amongst other things. There are fewer and fewer excuses these days to not have a solid tech stack that can supercharge your company. Nonetheless, within the private wealth and family office space concerns over privacy, family office cybersecurity and data protection are of utmost indeed. We guide family offices through the process of digitization and digitalisation ensuring that both opportunities and risks, are managed and mitigated.